NO. 17


Financial and Banking News

Gulf War

Kuwait to Lend Soviet Union $1bn

Kuwait has extended a $1bn general purpose loan facility to the Soviet tradebank Vnesheconombank. The loan, which was signed in Moscow on 22 January, isbeing made in the name of Kuwait Foreign Trading, Contracting and InvestmentCompany (KFTCIC), in which the Kuwait Investment Authority (KIA), part ofKuwait's Ministry of Finance, holds a 99% stake. KFTCIC is the biggest ofKuwait's three principal...